Silverfin false 31/05/2023 01/06/2022 31/05/2023 D L Hawkins 25/01/2012 T J Hawkins 25/01/2012 20 March 2024 The principal activity of the Company during the financial year was livestock dealing. 07923421 2023-05-31 07923421 bus:Director1 2023-05-31 07923421 bus:Director2 2023-05-31 07923421 2022-05-31 07923421 core:CurrentFinancialInstruments 2023-05-31 07923421 core:CurrentFinancialInstruments 2022-05-31 07923421 core:ShareCapital 2023-05-31 07923421 core:ShareCapital 2022-05-31 07923421 core:RetainedEarningsAccumulatedLosses 2023-05-31 07923421 core:RetainedEarningsAccumulatedLosses 2022-05-31 07923421 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-05-31 07923421 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-05-31 07923421 core:PlantMachinery 2022-05-31 07923421 core:Vehicles 2022-05-31 07923421 core:PlantMachinery 2023-05-31 07923421 core:Vehicles 2023-05-31 07923421 core:CostValuation 2022-05-31 07923421 core:AdditionsToInvestments 2023-05-31 07923421 core:CostValuation 2023-05-31 07923421 5 2023-05-31 07923421 5 2022-05-31 07923421 2022-06-01 2023-05-31 07923421 bus:FullAccounts 2022-06-01 2023-05-31 07923421 bus:SmallEntities 2022-06-01 2023-05-31 07923421 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07923421 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07923421 bus:Director1 2022-06-01 2023-05-31 07923421 bus:Director2 2022-06-01 2023-05-31 07923421 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-06-01 2023-05-31 07923421 core:PlantMachinery 2022-06-01 2023-05-31 07923421 core:Vehicles 2022-06-01 2023-05-31 07923421 2021-06-01 2022-05-31 07923421 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 07923421 (England and Wales)

TIM HAWKINS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

TIM HAWKINS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

TIM HAWKINS LIMITED

BALANCE SHEET

As at 31 May 2023
TIM HAWKINS LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 4,160
Tangible assets 4 554,871 466,546
Investments 5 1,269,000 1,149,000
1,823,871 1,619,706
Current assets
Stocks 6, 7 27,338 27,090
Debtors 8 128,277 394,531
Cash at bank and in hand 172,745 323,405
328,360 745,026
Creditors: amounts falling due within one year 9 ( 909,326) ( 841,484)
Net current liabilities (580,966) (96,458)
Total assets less current liabilities 1,242,905 1,523,248
Provision for liabilities ( 88,644) ( 88,644)
Net assets 1,154,261 1,434,604
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,154,161 1,434,504
Total shareholders' funds 1,154,261 1,434,604

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tim Hawkins Limited (registered number: 07923421) were approved and authorised for issue by the Board of Directors on 20 March 2024. They were signed on its behalf by:

T J Hawkins
Director
TIM HAWKINS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
TIM HAWKINS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tim Hawkins Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of livestock, farm produce, the receipt of government grants, commissions and share of partnership profits. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of livestock, farm produce and in the period to which the government grant relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 8 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological assets

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise lambs.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a financial lease obligation.

Lease payments are apportioned between finance costs in the Profit & Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks comprising deadstock such as feed and fuel are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade and other debtors

Trade debtors and other debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors and other debtors are established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Basic Payment Scheme

Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised.

Investments

Other financial assets are stated at fair value. The fair value of the investment in Mr & Mrs T J Hawkins farming partnership is the likely return on investment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 June 2022 33,259 33,259
At 31 May 2023 33,259 33,259
Accumulated amortisation
At 01 June 2022 29,099 29,099
Charge for the financial year 4,160 4,160
At 31 May 2023 33,259 33,259
Net book value
At 31 May 2023 0 0
At 31 May 2022 4,160 4,160

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2022 164,509 603,495 768,004
Additions 63,680 343,532 407,212
Disposals ( 13,900) ( 313,660) ( 327,560)
At 31 May 2023 214,289 633,367 847,656
Accumulated depreciation
At 01 June 2022 88,993 212,465 301,458
Charge for the financial year 13,408 93,012 106,420
Disposals ( 4,516) ( 110,577) ( 115,093)
At 31 May 2023 97,885 194,900 292,785
Net book value
At 31 May 2023 116,404 438,467 554,871
At 31 May 2022 75,516 391,030 466,546
Leased assets included above:
Net book value
At 31 May 2023 0 0 0
At 31 May 2022 0 39,000 39,000

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 June 2022 1,149,000 1,149,000
Additions 120,000 120,000
At 31 May 2023 1,269,000 1,269,000
Carrying value at 31 May 2023 1,269,000 1,269,000
Carrying value at 31 May 2022 1,149,000 1,149,000

Other investments consists of Investment in Mr & Mrs T J Hawkins farming partnership. The investment is stated at fair value.

6. Stocks

2023 2022
£ £
Livestock 24,338 24,090
Other stock 3,000 3,000
27,338 27,090

Livestock includes current biological assets which is broken down further in note 7.

7. Current biological assets

Assets held at cost:

Sheep Total
£ £
Cost
At 01 June 2022 24,090 24,090
Increase due to purchases/ transfers in 248 248
At 31 May 2023 24,338 24,338

8. Debtors

2023 2022
£ £
Trade debtors 67,302 351,091
Other debtors 60,975 43,440
128,277 394,531

9. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 306,361 153,303
Taxation and social security 75 19,171
Obligations under finance leases and hire purchase contracts 0 81,781
Other creditors 602,890 587,229
909,326 841,484